Nomad Foods Limited · NYSE:NOMD
Nomad Foods — 27th Annual ICR Conference 2025
52 slides from Nomad Foods's conference presentation, January 2025
Slide 1: 27th Annual ICR Conference
27th Annual ICR Conference January 2025
Slide 2: Disclaimer
Disclaimer This Presentation has been prepared and issued by Nomad Foods Limited (the “Company”). This Presentation has been provided solely for information and background. The information in this Presentation is provided as at the date of the Presentation (unless stated otherwise). This Presentatio
Slide 3: Slide 3
Slide 4: What We Want You to Take Away From Today
What We Want You to Take Away From Today We Have a Category Advantage We Have a Portfolio Advantage We Have a Strategy That is Working and Momentum is Building 27th Annual ICR Conference | 4
Slide 5: A Pure Play European Frozen Food Leader
A Pure Play European Frozen Food Leader Top European Frozen Food Companies Retail Sales (€, Billion) Ice Cream Food €4.1 billion €3.8 billion Ice Cream €2.6 billion € 16.2 bn €1.5 €55,4 bn billion European Frozen Retail Food Sales € 39.2 bn Source: : NielsenIQ Multi-country | GTX SPG MONTHLY | Entir
Slide 6: 2025 is the 10th Anniversary for Nomad Foods
2025 is the 10th Anniversary for Nomad Foods, but our Brands Have Nearly a Century of Rich Heritage 1930’s -1960’s 2015 2020 Birds Eye, iglo and Findus Findus Switzerland brands are launched is created and is acquired across Europe consolidates the Birds Eye, iglo and Findus brands Early 2000’s 2018
Slide 7: Great Brands with Leading Market Share & Equity
Great Brands with Leading Market Share & Equity Our Brands Lead 46% 2.6x Weighted average value market Higher market share than all other share in our top 25 must-win battles branded competitors combined (37% volume share) in our top 25 must-win battles. #1 #1 #1 BRAND AWARENESS PREFERENCE BRAND EQU
Slide 8: Our Portfolio Skews Towards Nutritious Food Nutrition
Our Portfolio Skews Towards Nutritious Food Nutrition Frozen skews towards protein and vegetables which account for Vegetables Fish & 2/3 rd 25% Seafood of our revenue 33% 2023 Protein, Nomad Foods Revenue 42% Split Others Poultry 16% 9% Meals 17% Source: Nomad Foods 1H 2024 Net Sales 27th Annual IC
Slide 9: Backed by Secular Tailwinds
Backed by Secular Tailwinds Google searches for protein within the food & drink category Italy France 100 100 80 80 60 60 40 40 20 20 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 (Aug) (Aug) United Kingdom Germany 100 100 80 80 60 60 40 40 20 20 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Slide 10: Backed by Secular Tailwinds
Backed by Secular Tailwinds YoY value sales, 12 wks ending March 19, 2023 16.2% 93% of our UK & Western European revenue is generated from products deemed a healthy meal choice (non-HFSS**) by 5.7% the UK government. Non HFSS* HFSS** categories categories Source: Who Cares? Who Does? Health survey 2
Slide 11: Backed by Secular Trends
Backed by Secular Trends Convenience Value Sustainability Families spend an average of 93% of European consumers Frozen Food reduces waste 25 minutes have changed the way they shop to manage which is good for the planet and saves consumers and preparing their main meal. expenditures. retailers money
Slide 12: European Frozen Food is Growth Advantaged
European Frozen Food is Growth Advantaged Total Europe YoY Value Sales Growth 10-yr CAGR: Frozen 2.9% Total Food 2.1% Frozen Food 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* Source: Global Data, Eastern & Western Europe 27th Annual ICR Conference | 12 * 2024 sourced from YTD Nielsen a
Slide 13: A Long Runway of Growth
A Long Runway of Growth 18.2 Frozen Food Annual Volume (kg.) Per Capita Consumption 15.0 11.9 11.0 10.9 9.9 9.4 9.4 8.2 8.1 7.8 7.3 7.2 5.3 3.2 3.0 3.0 Source: Global Data & NIQ – Total Frozen Food excluding Ice cream; https://worldometers.info 27th Annual ICR Conference | 13
Slide 14: Our Category Responds to Investment
Our Category Responds to Investment Expandable Consumption with Impulse Purchases % of Purchases Not Planned When Entering the Store 43% 38% 31% 25% 18% 18% Source: Institute of Grocery Distribution 2023 study 27th Annual ICR Conference | 14
Slide 15: Focused Investment: Our Top Two Priorities
Focused Investment Our Top Two Priorities Must Win Growth Growth Battles Accretive AND Platforms Grow our core Margin Expand our profitable Accretive Portfolio through Must Win Battles Growth Platforms 27th Annual ICR Conference | 15
Slide 16: Fueling the Growth with A&P
Fueling the Growth with A&P Advertising and Promotion Spending +HSD YoY* +14% YoY 2023 2024 2025 * Based on internal projections 27th Annual ICR Conference | 16
Slide 17: Ramping Innovation
Ramping Innovation Year 2 innovation as a percent of revenue 4.8%* Implement Frame the and Launch Challenge 4.2% Product Innovation Wheel Develop Discover and Define Design 2023 2024 2025 * Based on internal projections; 27th Annual ICR Conference | 17 Note: Innovation defined as new products introd
Slide 18: Accelerating Renovation
Accelerating Renovation 80% Parity 60% 48% 36% Superior Quality Perception 2023 2024* 2025* 2027* * Based on internal projections
Slide 19: Elevating our Seafood Portfolio
Elevating our Seafood Portfolio Italy Germany 27th Annual ICR Conference | 19
Slide 20: Scaling our Poultry Portfolio
Scaling our Poultry Portfolio Fillet Burgers Tenders & Chunks Loaded Burgers Chicken Wings 27th Annual ICR Conference | 20
Slide 21: Scaling our Poultry Portfolio
Scaling our Poultry Portfolio Nomad Poultry Market Share 26% 25% 23% 12% 2% 0% 0% Austria Ireland UK Italy Germany France Netherlands 61 40 1,148 106 789 117 152 Frozen Poultry Market Size (€m) Source: Circana & Nielsen; 52 wks through P11, 2024 27th Annual ICR Conference | 21
Slide 22: Leverage Fish to Grow Potatoes
Leverage Fish to Grow Potatoes Nomad Potato Market Share 24% 17% 12% 8% 1% 0% 0% Belgium Ireland France UK Italy Spain Netherlands 178 56 595 1,521 295 196 215 Frozen Potato Market Size (€m) Source: Circana & Nielsen; 52 wks through P11, 2024 27th Annual ICR Conference | 22
Slide 23: The Strategy & Investment is Working
The Strategy & Investment is Working YoY Market Share Growth 60 40 YoY Share pt c hange (bps) 20 -20 -40 -60 R12 wk Value Share R4 wk Value Share -80 -100 -120 -140 P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P11 P13 P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 2023 2024 Source: NielsenIQ & Circana 27th Annual ICR
Slide 24: The Strategy & Investment is Working
The Strategy & Investment is Working YoY Reported Volume Growth With 2.5% ERP headwind 1.6% 0.7% -2.2% -8.0% -9.7% -12.0% -12.7% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Source: Company Data 27th Annual ICR Conference | 24
Slide 25: Healthy Category Volume Backdrop
Healthy Category Volume Backdrop YoY Volume % Change, rolling 12 wk period* YoY Unit % Change, YTD** 6.0% Frozen (all markets) Total Food - Top 4 markets Frozen (Top 4 markets) 2.5% 2.1% 2.0% 1.8% 4.0% 1.5% 1.0% 1.0% 2.0% 0.5% 0.0% 0.0% -0.5% -2.0% -1.0% -4.0% -1.5% -2.0% -6.0% Drinks Confectionary
Slide 26: 2024 Guidance
2024 Guidance Organic Revenue Adjusted EBITDA** Adjusted EPS** Adjusted Cash Flow Conversion** 1 - 2% 3 - 5% €1.72- €1.77 90- 95% growth growth 7%-10% growth $1.76 - $1.81* *2024 Adjusted EPS guidance range converted to USD, the currency in which Nomad Foods shares trade, for illustrative purposes a
Slide 27: Initial 2025 Guidance
Initial 2025 Guidance Organic Revenue Adjusted EBITDA** Adjusted EPS** Adjusted Cash Flow Conversion** 1- 3% 2 - 4% €1.81- €1.85 90%+ growth growth 4%-6% growth*** $1.85 - $1.90* *2024 Adjusted EPS guidance range converted to USD, the currency in which Nomad Foods shares trade, for illustrative purp
Slide 28: A Track Record of Delivering
A Track Record of Delivering Revenues Adjusted EBITDA* Adjusted EPS* Impact in 2023 from higher 6% CAGR 7% CAGR 10% CAGR interest costs €551 €1.75 €3.1 million billion €1.9 €325 billion million €0.84 2016 2017 2018 2019 2020 2021 2022 2023 2024** 2016 2017 2018 2019 2020 2021 2022 2023 2024** 2016 2
Slide 29: Track Record of Cash Generation
Track Record of Cash Generation €2.1bn of adjusted Free Cash Flow from 2017-2024 Growth targets imply 103% of Adjusted Profit €850+ mn** 350 of adjusted free cash flow Elevated working over the next 3 years capital to ensure 300 supply security (‘25-27), or 250 200 150 1/3rd of our 100 market cap at
Slide 30: Track Record of Accretive Capital Deployment
Track Record of Accretive Capital Deployment €1.2 bn Cash return to shareholders via opportunistic buybacks deployed for Accretive M&A & dividend has been the from 2018-2021 recent priority 2015 2020 Findus Switzerland 200 is created and is acquired consolidates the New $0.60 BirdsEye, iglo and annu
Slide 31: Thank you.
Thank you. Nomad Foods
Slide 32: Questions?
Questions? Nomad Foods
Slide 33: Appendix
Appendix Nomad Foods
Slide 34: Contents
Contents The following tables have been included to allow users to reconcile Non-IFRS financial measures as well as Adjusted financial information included within this presentation to reported IFRS financial measures. 1. Definitions of Non-IFRS financial measures referred to in this presentation. 2.
Slide 35: Definitions of Non-IFRS financial measures referred to in this presentation
1. Definitions of Non-IFRS financial measures referred to in this presentation Non-IFRS financial measures should not be considered as substitutes for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have
Slide 36: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months Ended December 31, 2023 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2023 Decem
Slide 37: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2023 As reported for the € in millions twelve months ended December 31, 2023 Profit for the period 192.7 Taxation 60.9 Net financing costs 86.8 Depreciation and amortization 95.0 E
Slide 38: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months Ended December 31, 2022 As reported for the As adjusted for the twelve € in millions, except per share data twelve months ended Adjustments months ended December December 31, 2
Slide 39: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2022 As reported for the € in millions twelve months ended December 31, 2022 Profit for the period 249.8 Taxation 71.2 Net financing costs 54.4 Depreciation and amortization 88.6 E
Slide 40: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months Ended December 31, 2021 As reported for the As adjusted for the twelve € in millions, except per share data twelve months ended Adjustments months ended December December 31, 2
Slide 41: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2021 As reported for the € in millions twelve months ended December 31, 2021 Profit for the period 181.0 Taxation 55.7 Net financing costs 106.0 Depreciation and amortization 71.6
Slide 42: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2020 As reported for the As adjusted for the € in millions, except per share data twelve months ended Adjustments twelve months ended December 31, 2020 Decem
Slide 43: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2020 As reported for the € in millions twelve months ended December 31, 2020 Profit for the period 225.1 Taxation 70.4 Net financing costs 63.7 Depreciation and amortization 67.6 E
Slide 44: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2019 As reported for the As adjusted for the twelve months ended twelve months ended € in millions, except per share data December 31, 2019 Adjustments Decem
Slide 45: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2019 As reported for the € in millions twelve months ended December 31, 2019 Profit for the period 153.6 Taxation 56.7 Net financing costs 73.2 Depreciation and amortization 68.3 E
Slide 46: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2018 As reported for the As adjusted for the € in millions, except per share data twelve months ended twelve months ended December 31, 2018 Adjustments Decem
Slide 47: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2018 As reported for the € in millions twelve months ended December 31, 2018 Profit for the period 170.5 Taxation 56.6 Net financing costs 56.0 Depreciation 39.3 Amortization 7.0 A
Slide 48: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2017 As reported for the As adjusted for the € in millions, except per share data twelve months ended twelve months ended December 31, 2017 Adjustments Decem
Slide 49: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2017 As reported for the € in millions twelve months ended December 31, 2017 Profit for the period 136.5 Taxation 32.0 Net financing costs 74.4 Depreciation 35.9 Amortization 6.5 E
Slide 50: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted Statement of Profit or Loss (unaudited) Twelve months ended December 31, 2016 As reported for the As adjusted for the twelve months ended twelve months ended € in millions, except per share data December 31, 2016 Adjustments Decem
Slide 51: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Adjusted EBITDA (audited) Twelve months ended December 31, 2016 As reported for the € in millions twelve months ended December 31, 2016 Profit for the period 36.4 Taxation 39.6 Net financing costs 62.1 Depreciation 43.3 Amortization 7.8 Ex
Slide 52: Reconciliation of Non-IFRS Financial Measures (continued)
2. Reconciliation of Non-IFRS Financial Measures (continued) Reconciliation of reported net cash flows from operating activities to Adjusted free cash flow for the years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018 & 2017. Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended Ye